Bad news from the gas market after bad news from the Strait of Hormuz

Gas contracts in Amsterdam rose by 2.6% to €87.25 per MWh amid increased Iranian attacks on ships. A tanker hit a mine in the Strait of Hormuz, leading to an explosion. Iranian tactics have shifted, using civilian boats for targeting. Gas prices briefly reached €90 per MWh due to speculation about peace talks between the US and Iran, which were later denied. EU gas storage is at 74.5% capacity, below the five-year average of 89.1%. Analysts predict gas prices in Europe could exceed €100 per MWh despite milder weather forecasts, as the Middle East conflict continues.